Home Alts News Starwood REIT Buys Salt Lake City Multifamily Property

Starwood REIT Buys Salt Lake City Multifamily Property

Starwood Real Estate Income Trust Inc, a perpetual-life monthly NAV REIT sponsored by private investment firm Starwood Capital Group, has purchased Avida, a multifamily property in Salt Lake City, Utah.

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Starwood Real Estate Income Trust Inc, a perpetual-life monthly NAV REIT sponsored by private investment firm Starwood Capital Group, has purchased Avida, a multifamily property in Salt Lake City, Utah, for $86.7 million, excluding closing costs.

Built in 2012, Avida has 400 units with an average occupancy of 95 percent over the trailing 3 months, the company said. The property is located in the southern suburbs of the Salt Lake MSA near I-15, the major North/South transportation artery, and adjacent to the TRAX light rail station, which provides direct access to Downtown Salt Lake City, the Salt Lake International Airport, and major employment centers in Silicon Slopes.

The company, citing Labor Department statistics, noted that Utah had the fastest growing labor force of any state since 2010 at more than triple the national average.

In other company news, Starwood REIT recently purchased The Griffin, a multifamily property located in downtown Scottsdale, Arizona, for nearly $96.2 million, excluding closing costs.

Starwood Real Estate Income Trust Inc. invests in stabilized real estate across the United States and Europe. The REIT broke escrow in December 2018 and raised $615.6 million in investor equity as of the third quarter of 2019. The REIT’s real estate portfolio totals $792 million across 27 properties, and the company had $269.2 million invested in 87 positions in real estate-related securities.

Starwood Capital Group is a private investment firm with a core focus on global real estate, energy infrastructure, and oil and gas, and since its inception in 1991, has raised $45 billion of equity capital. The firm currently has in excess of $60 billion of assets under management.

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